UBS Next

UBS Next sits under Group Chief Operations and Technology Officer Mike Dargan, who has executive oversight. Individual investment decisions are made by the dedicated UBS Next team, drawing on technical evaluations from business-unit stakeholders across the bank. The unit does not operate as a separate legal entity with its own investment committee independent of the group; it is an internal strategic program.

UBS Next sources deals partly through the bank's own technology procurement and engineering evaluations, which flag startups whose products could fill identified internal gaps. It also invests alongside traditional venture capital firms, leveraging relationships with VCs who bring standard deal flow. The combination of a potential enterprise design partner and a global distribution channel — UBS's wealth and asset management client base — provides the unit with inbound founder interest that a standalone corporate VC might not command.

Neither. UBS Next is a corporate venture capital program funded directly from UBS Group AG's balance sheet — it is not a separate fund and does not manage outside limited-partner capital. It operates as an internal strategic investment unit rather than a third-party venture capital firm, and its portfolio is held on the bank's books.

UBS Next makes direct equity investments and co-investments into early- and growth-stage companies. While UBS Group maintains separate third-party fund investment programs through its asset management, private equity, and principal investments divisions, UBS Next's announced mandate and public portfolio disclosures to date have been exclusively direct company stakes.

The unit targets Series A through growth-stage rounds, with a preference for companies that already have market traction and for which UBS can realistically serve as a design partner or early enterprise customer. It has not been active in seed or pre-seed stages based on its public portfolio, and it aims for meaningful minority positions alongside other institutional VC investors rather than control stakes.

UBS Next is a wholly-owned initiative within UBS Group AG's technology organization. Its mandate is strategic — identify and invest in fintech and enterprise software companies whose technology could be piloted, integrated, or distributed within UBS's wealth management, asset management, and investment bank. Financial returns are tracked but are secondary to the strategic procurement and partnership objectives of the program.

UBS Next actively co-invests alongside traditional venture capital firms and typically does not lead rounds. The bank's general approach is to follow established GPs into deals, providing corporate strategic value as a counterparty advantage rather than price setting. This model aims to align UBS Next with market-based governance and valuation discipline while giving portfolio companies access to a major global financial institution.